Pandora enters, Chatspin exits cryptocurrency's revolving door

New product offerings and fluctuating prices continue to roil the cryptocurrency ecosystem, most recently with the Dec. 3, 2018, launch of a new trading platform called Pandora (not to be confused with the jewelry merchant or music streaming service) followed by Chatspin's decision to stop accepting cryptocurrency three days later. Enthusiasts view these signs of market volatility as further evidence that cryptocurrency schemes are gaining public awareness.

Anton Kulikov, CEO at Pandora, described the service as a next-generation cryptocurrency trading platform, with forex trading technology designed to simplify cryptocurrency trading and portfolio management. "PANDORA is honored to usher in the next wave of cryptocurrency trading, with a complete solution for traders who want to leverage robust, professional tools to invest in the cryptocurrency market," he said. "Through PANDORA, investors will find managing their cryptocurrency portfolios easier than ever, using some of the same trading and analytical solutions that professional traders have relied upon for years."

Designed to bridge the gap between traditional currency and cryptocurrency exchanges, Pandora provides traders with a suite of digital tools. The all-in-one resource includes alert settings, trading bots and a social trading tool that reprises professional trading models. Company representatives said Pandora can synchronize with Binance, Bitfinex, Kucoin, and Poloniex and other trading platforms, using available APIs. The platform's advanced capabilities will improve cryptocurrency market access while enhancing its professional credibility, the company stated.

Too unstable for subscription billing

Cryptocurrency naysayers continue to express disillusionment with cryptocurrency pricing and question if these decentralized currency schemes will achieve widespread public acceptance. Chatspin, a live video streaming app, disclosed Dec. 6, 2018, that it will no longer accept cryptocurrency payments. Chatspin Press Manager, Shay Robin, cited falling prices of bitcoin and other cryptocurrencies in the fourth quarter of 2018 as a contributing factor in the decision.

"Just a few months ago, the idea of accepting Bitcoin, Litecoin, and other cryptocurrencies as forms of payment seemed like a no-brainer," Robin said. "But, having closely followed the cryptocurrency markets, we can see no value to accepting these digital coins and feel the risk far outweighs the reward. Therefore we have ceased plans to accept any form of cryptocurrency as a method of payment."

Chatspin, a multiplatform video chat app, uses a webcam and Internet connection to randomly connect thousands of people around the world via their connected devices. Users can use a variety of filters to adjust audio and video settings. Chatspin does not charge subscribers for basic filters and makes additional premium features available through a paid subscription model.

Robin mentioned that Chatspin's payment platform had been recently updated, at considerable expense, to enable premium feature users to pay for subscriptions in bitcoin, litecoin, and other cryptocurrencies. Subsequent market volatility in the fourth quarter of 2018 led the company to curtail support of these payment methods, deeming them too risky and unstable to support recurring billing.

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